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Lexis Practice Advisor Helps Get You Started on Work Outside of Your Comfort Zone

By Neil J. Squillante | Monday, October 31, 2016

Today's issue of TL NewsWire covers a service designed to help you expand your practice by providing model forms, practice notes, checklists, etc. (see article below). In addition, you'll find links to the previous 11 TL NewsWire features, including our coverage of software for managing and referencing exhibits, knowledge management software for mining your firm's work product, three practice management apps, a visual tool for identifying relevant case law faster, and much more. Don't miss the next issue.

It's amusing when a relative expresses bemusement that you're not an expert in every area of the law. But when clients ask for help, you either figure out how to deliver or leave money on the table.

Lexis Practice Advisor … in One Sentence

Lexis Practice Advisor offers model forms, practice notes, checklists, articles and other materials for lawyers, and integrates with Lexis Advance and Lexis for Microsoft Office.

The Killer Feature

Mindful of the fact that winning the trust of lawyers like you requires high-quality and updated materials, LexisNexis put together a network of more than 500 practicing lawyers from more than 230 law firms. Each lawyer has years of experience with the legal issues that pertain to the documents they contribute. In addition to reviewing the credentials of these authors, you can email LexisNexis' internal author team with questions about their documents.

Other Notable Features

Lexis Practice Advisor groups its materials by practice areas, including bankruptcy, finance, intellectual property, real estate, etc. This coverage includes business and commercial transactions for four states — California, Florida, New York, and Texas — with more in the pipeline.

Browsing these topics reveals subtopics presented in a step format designed to match your tasks. For example, drilling down to Private Mergers presents you with "Structuring and Planning Private Mergers" and "Preliminary Agreements in Private M&A Deals." If you prefer, you can start with a global search and then filter your results by practice area.

Lexis Practice Advisor groups materials by Forms, Articles, Secondary Materials, Cases, and Statutes & Regulations. The primary and secondary legal research come from Lexis Advance while the rest derives from the authors noted above. Some forms are interactive, enabling you to draft documents in Lexis Practice Advisor. Icons alert you to alternate clauses you can review and add with a click. You can also add your own clauses.

If you use Lexis for Microsoft Office, you can access Lexis Practice Advisor from within Microsoft Word, including all forms. "The integration with Lexis for Microsoft Office gives legal practitioners instantaneous access to the full breadth of Lexis Practice Advisor's on-point content and tools inside the Microsoft applications they use every day," said Sean Fitzpatrick, Managing Director of North American Research Solutions at LexisNexis. "This is a crucial step in our overarching strategy to help customers produce higher quality work in less time."

Lexis Practice Advisor offers M&A lawyers a tool called Lexis Market Tracker based on EDGAR and related data. Using Consideration Type, Target Industry, Deal Amount, and other parameters, you can research "What's Market" on more than 450 deal points for credit agreements. Lexis Market Tracker isolates specific provisions such as Collars and Ticking Fees so you can quickly find what you need for the documents you're drafting.

What Else Should You Know?

You can share materials with colleagues by placing them in Shared Folders. These work across Lexis Advance so they can also contain legal research. You can also export blank and completed forms in Word or PDF format. Learn more about Lexis Practice Advisor.

How to Receive TL NewsWire
So many products, so little time. In each issue of TL NewsWire, you'll learn about five new products for the legal profession. Pressed for time? The newsletter's innovative articles enable lawyers and law office administrators to quickly understand the function of a product, and zero in on its most important features. The TL NewsWire newsletter is free so don't miss the next issue. Please subscribe now.

Topics: Automation/Document Assembly/Macros | Legal Research | TL NewsWire | Transactional Practice Areas
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